Fairfax Virginia Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One is a legal document that outlines the terms and conditions under which the mortgage-backed securities (MBS) are pooled and serviced within the Fairfax region of Virginia. This agreement is the result of a collaboration between the mentioned entities and establishes the guidelines for managing these securities. Keywords: Fairfax Virginia, pooling and servicing agreement, Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., Bank One, mortgage-backed securities, MBS, collaboration, guidelines, managing. Types of Fairfax Virginia Pooling and Servicing Agreement: 1. Initial Pooling and Servicing Agreement: This type of agreement refers to the original contract between the parties involved (Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One). It defines the initial terms and conditions for pooling and servicing the mortgage-backed securities within the Fairfax Virginia region. 2. Amended Pooling and Servicing Agreement: An amended agreement refers to any modifications made to the initial pooling and servicing agreement. This type of agreement is created when the parties involved decide to make changes to the original terms and conditions specified. Such changes may include adjustments to the interest rates, payment schedules, or other relevant parameters mentioned in the initial agreement. 3. Renewed Pooling and Servicing Agreement: A renewed agreement comes into play when the initial pooling and servicing agreement term expires. This type of agreement is established between the parties involved to extend the validity period of the agreement, subject to the necessary revisions and updates as deemed necessary. 4. Joint Pooling and Servicing Agreement: In certain cases, multiple financial institutions collaborate to create a joint pooling and servicing agreement. This type of agreement may involve Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One, along with other stakeholders who collectively pool their resources to manage and service the mortgage-backed securities within the Fairfax Virginia region. It is important to note that the specific details and variations of these Fairfax Virginia Pooling and Servicing Agreements may differ based on the nature of the collaboration and the specific requirements of the involved parties. Hence, the aforementioned agreement types provide a general understanding of the potential variations within these agreements.
Fairfax Virginia Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A. and Bank One
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FAQ
A loan servicing agreement is a written contract between a lender and a loan servicer that gives the loan servicer the authority to manage most aspects of a particular loan.
The Pooling and Servicing Agreement is the legal document that contains the responsibilities and rights of the servicer, the trustee, and others over a pool of mortgage loans.
How to Get a Copy of the Pooling and Servicing Agreement. If the securitization is public, the PSA will be filed with the Securities and Exchange Commission (SEC), and you can usually find a copy on EDGAR (Electronic Data Gathering, Analysis, and Retrieval) at .
Loan servicing includes sending monthly payment statements, collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow funds), remitting funds to the note holder, and following up on any delinquencies.
The Public Securities Association Standard Prepayment Model (PSA) is the assumed monthly rate of prepayment that is annualized to the outstanding principal balance of a mortgage loan.
A mortgage pool is a group of mortgages held in trust as collateral for the issuance of a mortgage-backed security. Some mortgage-backed securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae are known as "pools" themselves. These are the simplest form of mortgage-backed security.
A servicing agreement is a contract between a servicer and a special purpose vehicle (SPV) or an assignee under which the servicer is responsible for administering a lease and acting as a conduit for all payments over the lease term in return for a periodic servicing fee .
Mortgage servicing rights (MSR) refer to a contractual agreement in which the right to service an existing mortgage is sold by the original mortgage lender to another party that specializes in the various functions involved with servicing mortgages.
Your loan servicer typically processes your loan payments, responds to borrower inquiries, keeps track of principal and interest paid, manages your escrow account (if you have one). The loan servicer may initiate foreclosure under certain circumstances.